India, May 7 -- Fairfax India Holdings Corporation, through its wholly owned subsidiary FIH Mauritius Investments Ltd, has announced plans to increase its stake in IIFL Capital Services Ltd to a minimum of 51% through a combination of preferential allotment, open offer, and promoter arrangements.
As part of the transaction, Fairfax India will invest Rs 2,000 crore in IIFL Capital via a preferential allotment of equity shares priced at Rs 350 per share. Upon completion, Fairfax India and its affiliate, HWIC Asia Fund Class A, will join the existing promoter group alongside Nirmal Jain and R. Venkataraman.
Currently holding around 30.5% in the company, Fairfax's increased investment is aimed at strengthening IIFL Capital's balance sheet and...